Hung Yen province in northern Vietnam is directing its departments and agencies to work with consultants on a plan to establish the Hung Yen Free Economic Zone, which will be developed on the foundation of the former Thai Binh Economic Zone which is located in the former province of Thai Binh before its merger with Hung Yen.

Once operational, the Hung Yen Free Economic Zone is expected to become one of the most dynamic and friendly economic zones for investors, particularly those from overseas.

The zone is not only poised to create a major catalyst for attracting large-scale foreign direct investment (FDI) but also to expand development opportunities for domestic enterprises.

It aims to promote regional linkages and establish a modern production-service-logistics chain. Through this initiative, the province expects to increase its export value, create high-quality jobs, and enhance its overall competitiveness within the Red River Delta region.

According to the Ministry of Finance’s Foreign Investment Agency (FIA), Hung Yen is currently hosting 934 projects with a total registered capital of over $15.85 billion. This performance ranks it among the top 10 provinces and cities in Vietnam for attracting foreign investment.

In the first seven months of this year alone, the province attracted 91 new FDI projects worth over $1.33 billion, a year-on-year increase of more than 36%.

The locality is actively seeking investment in other key sectors, including industrial park and cluster infrastructure, high-tech agriculture, trade and logistics services, and urban development and housing—with a special focus on eco-cities, resorts, and service-oriented urban areas. The province is also calling for investment in transport infrastructure, healthcare, and high-tech waste treatment facilities.